CityU and the University of Paris Dauphine signed a cooperation agreement on 13 May to create a joint degree Master of Science in Mathematics for Finance and Actuarial Science--the first of its kind in Hong Kong.

 

The two-year part-time MSc degree, to  be launched in September this year, is the first postgraduate programme in Hong Kong, covering the latest developments in the field. The award will be jointly conferred by both universities.  

 

The agreement signing ceremony was officiated by Professor Bernard de Montmorillon, President of the University of Paris Dauphine, and Professor H K Chang, CityU's President. “As China enters the World Trade Organization, and Hong Kong strengthens its position as an international financial centre, the demand for competent actuarial professionals is increasing rapidly,” Professor Chang said. “We are delighted to offer this programme with the University of Paris Dauphine to serve the community's needs.”

 

“CityU is a university that offers professionally oriented education and applied research. This joint programme with the University of Paris Dauphine is one of the best manifestations of our commitment to this mission,”  Professor Chang added. By offering this joint programme, he believes the University will help Hong Kong maximize its role as a bridge between mainland China and other parts of the world. Moreover, it is important to make efforts to develop a tripartite relationship with the mainland and nurture skilled financial and actuarial practicioners for the future.

 

CityU’s Department of Mathematics specializes in applied and computational mathematics. Since its establishment in 1991, the Department has made tremendous progress and has consolidated its leading status in teaching and research. The University of Paris Dauphine is known for its focused and well-designed teaching activities and it runs an extremely successful master degree in actuarial science. Combining the strengths of both universities, the joint programme will provide students with knowledge and expertise necessary for complex financial and insurance operations. It is targeted at professionals in financial engineering, actuarial science, physics, as well as professionals in the finance and insurance industries. Response to the programme has been enthusiastic. “More than 100 applications have been received and around 60% of the applicants possess a Master’s degree,” said Professor Zhang Qiang, the programme leader and  Head of CityU’s Department of Mathematics. The initial intake target is 40.

 

The courses will be jointly taught by experts from the two universities, and students from the University of Paris Dauphine will come to study at CityU, providing chances for interaction between local and French students. Leading practitioners from quantitative finance and actuarial science will be invited as guest lecturers to introduce the real life practices of the global financial and insurance industries.

 

Guests of Honor attending the signing ceremony included Professor David Tong, CityU’s Deputy President and Academician of the Chinese Academy of Sciences, Professor Roderick Wong, CityU’s Dean of Faculty of Science and Engineering and Fellow of the Royal Society of Canada, and Professor Philippe G Ciarlet, Chair Professor of Mathematics and Member of the French Academy of Sciences. Representing the University of Paris Dauphine were Professor Martine Bellec, Head of the Department of Mathematics of Decision Sciences, Professor Alain Bensoussan, Member of the French Academy of Sciences, Professor Alain Butery, and Professor Christian Hess. Mr Serge Mostura, Consul General, and Mr Abdo Malac, Vice-Consul, of the Consulate General of France in Hong Kong, also attended to express their support for the joint programme.